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Price Analysis of BNB: Uncertainty rise up among the investors

Cryptocurrency

Binance Coin- Ethereum-based (ERC-20) token ranks 7 among the major cryptocurrencies in the market. The price of BNB was $21.0369 with a market cap of $3.281 billion and a 24-hour trading volume of $269 million. A major amount of the coins was traded from P2PB2B i.e. $31.47 million via BNB / USD pair.

2 Hour Chart

Source: BNB / USDT TradingView

The two-hour chart exhibited an uptrend extending from $16.201 to $19.311 and a downtrend extending from $21.061 to $20.827. The immediate resistance was at $20.50430 and the subsequent resistance was at $20.96133 and the immediate support was held at $20.02499 and the subsequent support was held at $19.30045.

Parabolic SAR: The dotted line indicated that the coin was under a bearish sentiment as the line was coming down.

The MACD line was swaying under the signal line after a trend reversal putting the coin under a bearish trend.

Chaikin Money Flow: The CMF line had just passed the zero line and was under it suggesting that the outflow of the capital was more than the inflow and pushing the coin to the bearish market.

1 Day Chart

Source: BNB / USDT TradingView

The long term chart exhibited an uptrend extending from $18.859 to $24.374 and a downtrend extending from $39.318 to $21.679. The immediate resistance was at $23.6163 and the subsequent resistance was at $28.0781 while the immediate support was held at $19.069 and the subsequent support was held at $16.291.

The Bollinger Bands was just beginning to converge slowly making the coins less volatile.

The Awesome Oscillator showed that the green bars were trying to gain momentum and place the coin in the bullish market.

Relative Strength Index: The RSI line was swaying over the 50-line indicating that the buyers were more active in placing the coin in the bullish market.

Conclusion

The short term chart indicators suggested a bearish trend while the long term chart indicators suggested a bullish trend.

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